Wardwizard Innovations inaugurates electric two-wheeler plant in Vadodara
Owner of Joy e-bike and Vyom Innovation, Wardwizard Innovations & Mobility Ltd. has inaugurated a new state-of-the-art facility for manufacturing electric two-wheelers at Vadodara, Gujarat. This one of the leading companies in the EV segment has invested around Rs. 45 crores in the new plant which has a capacity of manufacturing over 1 lakh electric two-wheelers per year in the first phase in one shift. 4 new models Beast, Thunderbolt, Hurricane and Skyline which are high-performance electric bikes have also been launched. Around 6,000 direct and indirect employment opportunities are going to be generated by this new plant.
Shri Amit Shah, Hon’ble Minister for Home Affairs, Government of India conducted the virtual inauguration ceremony of the new plant on January 28. Ranjanben Bhatt, Member of Parliament, Vadodara and Mr. Rajendra Trivedi, Speaker, Gujarat State Legislative Assembly also attended the inaugural function.
Speaking on this occasion, Mr. Yatin Gupte, Chairman and Managing Director, Wardwizard Group said, “Inspired by the clarion call of Atmanirbhar Bharat and Make in India by our PM Shri Narendra Modi, we at Wardwizard Group are happy to complete the expansion in such a short time. I am both humbled and honoured to share this big step with Shri Amit Shah Ji who has been kind enough to grace us with his support and encouragement. We intend to manufacture all the parts & components of the electric bikes right from the chassis to batteries. With the growing demand for electric bikes, we expect to grab a 25% market share of the overall EV two-wheeler segment by the year 2025.”
The high-performance electric bikes – Beast, Thunderbolt, Hurricane and Skyline, under its brand Joy e-bike, are equipped with exceptional speed, power and pick-up features. The company’s EV product portfolio of e-bikes, e-scooter is increased with this to 10 plus models, which is the largest in the industry.
“The new facility has the capacity to manufacture over 1 lakh units of electric bikes per year in the first phase which can be gradually expanded to 3-4 lakh units per year with 2-3 shifts. In addition to the domestic market, the company look to export its electric bikes in Africa, the Middle East and Europe. Company is also open to collaborating with other electric vehicle brands to offer its manufacturing facilities. In the next 3-4 years, the company has set a revenue target of Rs. 500-600 crore and will also be launching electric three-wheeler,” said Mr. Gupte.
In FY 2019-20, India sold 1,56,000 electric vehicles out of which 1,52,000 were 2 wheelers. As customers look for environment-friendly and cost-effective personal mobility solutions, the current COVID-19 situation is expected to accelerate the rate of adoption of EVs in the medium term.
The market for electric two-wheeler segment could grow to Rs. 12,000 crores by 2024-25, according to a report of Avendus Capital. By 2024-25, it expects 9% penetration of electric two-wheeler and it has the potential to even grow to 16% with the right macroeconomic environment.
Wardwizard Group has created a strong brand identity through its product, synonymous with innovation, quality, design and technology. By consistently introducing innovative products in the market, the company looks to grow from strength to strength. With 800 plus dealers, the company has a strong presence in the domestic market which is expected to increase to over 2,500 in the next 2-3 years.